by Tissue banking refers to the preservation and storage of human tissues such as bones, heart valves, skin, corneas and tendons. These tissues find widespread application in transplantation, research, and cosmetic surgeries. With growing organ shortage and rising transplant needs, tissue banking helps meet the clinical demands while also providing biomedical researchers access to these tissues. The global tissue banking market saw a surge during the pandemic as tissue donation played a big role in development of therapies and vaccines. The processing and storage of tissues require specialized bio-preservation techniques and instrumentation to maintain the viability and quality of tissues over long periods of time. Such advanced technologies are helping optimize tissue banking services.
The global Tissue Banking Market is estimated to be valued at US$ 1.81 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in Cryopreservation Techniques. Significant research is being conducted to improve preservation methods for tissues. Scientists are developing new cryoprotectants and freeze-thaw protocols to minimize freeze-injury and enhance post-thaw viability of cells and tissues. This will allow tissues to be stored long-term with optimal functionality after transplantation. Secondly, increasing adoption of precision cutting-edge technologies like 3D bioprinting and lab grown tissues present new opportunities for reconstructive surgeries using tissue engineering approaches. Lastly, rising private sector investments in development of tissue-therapies and regenerative medicines will support market growth over the coming years.
Porter’s Analysis
Threat of new entrants: The tissue banking market requires a significant amount of capital investment to build facilities and infrastructure. Strict regulations also act as a barrier for new companies entering this space.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market as there are a large number of tissue banks and buyers have some alternatives and options to choose from.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the raw materials required are standardized and several suppliers provide them. However, suppliers may seek to differentiate their offerings.
Threat of new substitutes: There is a low threat of new substitutes emerging at present as tissue replacement in treatments is highly specialized with no close substitutes available.
Competitive rivalry: The market is highly competitive with key players competing on the basis of innovation, quality, service, and price.
Key Takeaways
The Global Tissue Banking Market Share is expected to witness high growth over the forecast period. North America dominates the market currently due to developed healthcare infrastructure and increasing rates of chronic diseases in the region.
Regional analysis: North America is expected to continue dominating the market through 2030. This can be attributed to factors such as advanced healthcare facilities, rising prevalence of chronic diseases, and growing adoption of tissue banking services. Europe is also a major market supported by government funding and initiatives for tissue banking. Asia Pacific is anticipated to witness lucrative growth owing to growing medical tourism and increasing healthcare expenditure in the region.
Key players: Key players operating in the tissue banking market are IBM Corporation, Lucid Work Incorporation, Microsoft Corporation, Dassault Systems S.A., Oracle Corporation, X1 Technologies Inc., SAP AG, Coveo Corporation, and Attivio Software Incorporation. These players are focusing on expanding their presence through partnerships and developing advanced solutions to strengthen their position in the market.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
